{"id":29870,"date":"2015-06-09T08:44:45","date_gmt":"2015-06-08T22:44:45","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=29870"},"modified":"2015-06-10T07:21:48","modified_gmt":"2015-06-09T21:21:48","slug":"accounting-body-seeks-advice-license","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2015\/06\/09\/accounting-body-seeks-advice-license\/","title":{"rendered":"Accounting Body Seeks Advice License"},"content":{"rendered":"<p><span style=\"line-height: 1.5em\">One of Australia\u2019s primary accounting bodies, CPA Australia, has launched a new financial advice company in a bid to \u201cshake-up\u201d the sector.<\/span><\/p>\n<p><!--more--><\/p>\n<figure id=\"attachment_29872\" aria-describedby=\"caption-attachment-29872\" style=\"width: 150px\" class=\"wp-caption alignright\"><a href=\"https:\/\/riskinfo.com.au\/news\/files\/2015\/06\/Alex-Malley.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-29872\" alt=\"CPA Australia CEO, Alex Malley, will lead the new company\" src=\"https:\/\/riskinfo.com.au\/news\/files\/2015\/06\/Alex-Malley.jpg\" width=\"150\" height=\"180\" \/><\/a><figcaption id=\"caption-attachment-29872\" class=\"wp-caption-text\">CPA Australia CEO, Alex Malley, will lead the new company<\/figcaption><\/figure>\n<p>CPA Australia Advice has been set up as a wholly-owned subsidiary of CPA Australia, and will be led by CPA CEO, <strong>Alex Malley<\/strong>. The company has yet to secure an Australian Financial Services License (AFSL) but plans to begin advice operations in 2016.<\/p>\n<p>In a statement released last week, the accounting association said CPA Australia Advice would set a new benchmark for professional and ethical conduct, delivering advice free from commissions and asset based fees.<\/p>\n<p>\u201cCPA Australia Advice represents a game changer for financial advice in this country,\u201d Mr Malley said.<\/p>\n<p>\u201cCPA Australia Advice will have an ethos of integrity and transparency built into its charter and consistent with the culture of CPA Australia over its history.<\/p>\n<p>\u201cThis means the operation of CPA Australia Advice will be consistent with Section 923A of the Corporations Act 2001 which allows us to use terms like \u2018independent\u2019, \u2018impartial\u2019 and \u2018unbiased\u2019.\u201d<\/p>\n<h6>CPA Australia Advice represents a game changer for financial advice in this country<\/h6>\n<p>Mr Malley said the new company would also be consistent with APES 230, the accounting profession\u2019s standard for members engaged in the provision of quality and ethical financial planning services.<\/p>\n<p>\u201cOur focus will be on what is right for the person seeking the advice \u2013 not what is financially beneficial for the advisor,\u201d he said.<\/p>\n<p>Mr Malley acknowledged that CPA Australia Advice would face significant competition from the big financial institutions, but said that the decision to establish the new company had received unanimous support from the CPA Australia Board.<\/p>\n<p>\u201cWe see it as critical that our new company has the same culture and professional standards that are the cornerstones of CPA Australia, which includes a fundamental objective to act in the public interest.<\/p>\n<p>\u201cThere\u2019s no doubt that quality financial advice has the potential to make a real difference to a person\u2019s well-being and quality of life, particularly in retirement. It\u2019s equally true that the community\u2019s trust in financial advice has been undermined in recent years.<\/p>\n<p>\u201cWith our new company, CPA Australia Advice, we are making a watershed commitment to rebuilding the community\u2019s trust and confidence in seeking the highest quality financial advice,\u201d Mr Malley concluded.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One of Australia\u2019s primary accounting bodies, CPA Australia, has launched a new financial advice company in a bid to \u201cshake-up\u201d the sector.<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[282,48,6],"tags":[],"class_list":["post-29870","post","type-post","status-publish","format-standard","category-associations","category-company-news","category-dealer-groups"],"_links":{"self":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/comments?post=29870"}],"version-history":[{"count":0,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/posts\/29870\/revisions"}],"wp:attachment":[{"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/media?parent=29870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/categories?post=29870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riskinfo.com.au\/news\/wp-json\/wp\/v2\/tags?post=29870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}